Question
Task 6 (5 points) XYZ Ltd. has a block of land with a carrying amount of 200,000, this having been previously revalued upward from 100,000.
Task 6 (5 points) XYZ Ltd. has a block of land with a carrying amount of 200,000, this having been previously revalued upward from 100,000. The following entry was passed:
Dr Land 100,000
Cr Deferred Tax Liability 30,000
Cr Asset Revaluation Reserve 70,000
Show the account entries, if the asset is revalued downwards to 80,000
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The Anxiety Audit
Authors: Lynn Lyons
1st Edition
0757324258, 978-0757324253
